Primega Group Holdings Limited Announces Closing of its Initial Public Offering
Primega Group Holdings (Nasdaq: PGHL) has successfully closed its initial public offering (IPO) and resale of ordinary shares. The company, which provides environmentally friendly transportation services for construction and demolition materials, offered 1,500,000 ordinary shares at $4.00 per share, raising gross proceeds of approximately $6,000,000. Additionally, a selling shareholder offered 250,000 shares at the same price, bringing the total gross proceeds to $7,000,000.
PGHL's shares began trading on the Nasdaq Capital Market on July 23, 2024. The company plans to use the net proceeds to expand its business by acquiring machinery and equipment, upgrading IT systems, and funding working capital. Bancroft Capital, acted as the sole lead underwriter for the offering.
Primega Group Holdings (Nasdaq: PGHL) ha concluso con successo la sua offerta pubblica iniziale (IPO) e la rivendita di azioni ordinarie. L'azienda, che fornisce servizi di trasporto ecologici per materiali da costruzione e demolizione, ha offerto 1.500.000 azioni ordinarie a $4,00 per azione, raccogliendo proventi lordi per circa $6.000.000. Inoltre, un azionista venditore ha offerto 250.000 azioni allo stesso prezzo, portando il totale dei proventi lordi a $7.000.000.
Le azioni di PGHL hanno iniziato a essere scambiate sul Nasdaq Capital Market il 23 luglio 2024. L'azienda prevede di utilizzare i proventi netti per espandere la propria attività, acquisendo macchinari e attrezzature, aggiornando i sistemi IT e finanziando il capitale circolante. Bancroft Capital ha agito come unico lead underwriter per l'offerta.
Primega Group Holdings (Nasdaq: PGHL) ha cerrado con éxito su oferta pública inicial (IPO) y la reventa de acciones ordinarias. La empresa, que ofrece servicios de transporte ecológico para materiales de construcción y demolición, ofreció 1.500.000 acciones ordinarias a $4.00 por acción, recaudando ingresos brutos de aproximadamente $6.000.000. Además, un accionista vendedor ofreció 250.000 acciones al mismo precio, lo que eleva los ingresos brutos totales a $7.000.000.
Las acciones de PGHL comenzaron a cotizar en el Nasdaq Capital Market el 23 de julio de 2024. La empresa planea utilizar los ingresos netos para expandir su negocio mediante la adquisición de maquinaria y equipo, la actualización de sistemas de TI y la financiación del capital de trabajo. Bancroft Capital actuó como el único suscriptor principal de la oferta.
프리메가 그룹 홀딩스(Nasdaq: PGHL)는 성공적으로 최초 공개 모집(IPO) 및 보통주 재판매를 마감했습니다. 건설 및 철거 자재를 위한 환경 친화적인 운송 서비스를 제공하는 이 회사는 1,500,000주를 주당 $4.00에 제공하여 약 $6,000,000의 총 수입을 올렸습니다. 또한, 판매 주주가 동일한 가격으로 250,000주를 제공하여 총 총 수입이 $7,000,000에 달했습니다.
PGHL의 주식은 2024년 7월 23일 Nasdaq Capital Market에서 거래를 시작했습니다. 회사는 순 수익을 사용하여 기계 및 장비를 구입하고 IT 시스템을 업그레이드하며 운영 자본을 지원할 계획입니다. Bancroft Capital은 이번 공모의 단독 주관사로 활동했습니다.
Primega Group Holdings (Nasdaq: PGHL) a réussi à clôturer son offre publique initiale (IPO) et la revente d'actions ordinaires. L'entreprise, qui fournit des services de transport écologiques pour les matériaux de construction et de démolition, a proposé 1.500.000 actions ordinaires à 4,00 $ par action, levant un produit brut d'environ 6.000.000 $. De plus, un actionnaire vendeur a proposé 250.000 actions au même prix, portant le total des produits bruts à 7.000.000 $.
Les actions de PGHL ont commencé à être négociées sur le Nasdaq Capital Market le 23 juillet 2024. L'entreprise prévoit d'utiliser les produits nets pour développer son activité en acquérant des machines et des équipements, en modernisant ses systèmes informatiques et en finançant son fonds de roulement. Bancroft Capital a agi en tant que seul souscripteur principal pour l'offre.
Die Primega Group Holdings (Nasdaq: PGHL) hat erfolgreich ihr erstes öffentliches Angebot (IPO) sowie den Verkauf von Stammaktien abgeschlossen. Das Unternehmen, das umweltfreundliche Transportdienste für Bau- und Abbruchmaterialien anbietet, bot 1.500.000 Stammaktien zu je 4,00 $ an und erzielte einen Bruttoerlös von etwa 6.000.000 $. Darüber hinaus bot ein verkaufender Aktionär 250.000 Aktien zum selben Preis an, wodurch die gesamten Bruttoerträge auf 7.000.000 $ stiegen.
Die Aktien von PGHL begannen am 23. Juli 2024 auf dem Nasdaq Capital Market zu traden. Das Unternehmen plant, die Nettomittel zur Expansion seines Geschäfts zu verwenden, indem es Maschinen und Ausrüstung anschafft, IT-Systeme aktualisiert und das Betriebskapital finanziert. Bancroft Capital fungierte als alleiniger Hauptsynhedr für das Angebot.
- Successful completion of IPO, raising $6 million in gross proceeds
- Additional $1 million raised through selling shareholder's resale
- Listing on Nasdaq Capital Market, potentially increasing visibility and liquidity
- Planned use of proceeds for business expansion and technology upgrades
- Potential dilution of existing shareholders due to new share issuance
- Relatively small offering size may limit impact on company's growth
Primega Group Holdings 's successful IPO marks a significant milestone for the company, raising
The company's plans for fund allocation are prudent and growth-oriented. Investing in additional machinery and equipment, such as tipper trucks and excavation machines, should enhance operational capacity and efficiency. The focus on upgrading IT systems for better resource allocation demonstrates a commitment to operational optimization, which could lead to improved margins and competitive advantage.
However, investors should note that at
The company's focus on environmental sustainability aligns with growing global trends towards green practices in construction, potentially positioning it well for future growth. However, the success will largely depend on execution of growth strategies and the broader market demand for such services in Hong Kong and potentially beyond.
Primega Group's IPO taps into the burgeoning market for sustainable construction practices, a sector poised for significant growth. The global construction waste management market is projected to expand rapidly, driven by increasing urbanization and stricter environmental regulations.
Hong Kong, the company's primary market, has been pushing for greener construction practices, which bodes well for Primega's business model. The city's 'Hong Kong 2030+' strategy emphasizes sustainable development, potentially creating a favorable regulatory environment for the company's services.
However, investors should be aware of potential challenges. The construction industry is cyclical and sensitive to economic fluctuations. Any slowdown in Hong Kong's construction sector could impact Primega's growth trajectory. Moreover, the company will need to navigate potential competition from larger, more established players in the waste management sector.
The decision to list on Nasdaq, rather than the Hong Kong Stock Exchange, is intriguing. While it provides access to a broader investor base and potentially higher valuations, it also exposes the company to additional regulatory scrutiny and reporting requirements. This move might signal ambitions for international expansion, but also introduces currency risk and potential geopolitical considerations for investors.
Overall, Primega's market positioning appears promising, but success will hinge on its ability to capitalize on favorable market trends while managing industry-specific risks and broader economic uncertainties.
HONG KONG, July 24, 2024 (GLOBE NEWSWIRE) -- Primega Group Holdings Limited (Nasdaq: PGHL) (the “Company”), a provider of transportation services that employs environmentally friendly practices with the aim of facilitating reuse of construction and demolition materials and reduction of construction waste, today announced the closing of its initial public offering and resale of ordinary shares.
The Company offered 1,500,000 ordinary shares at a public offering price of
The Company intends to use the net proceeds from the Offering for (i) expanding the existing business by acquiring additional machinery and equipment including tipper trucks and excavation machines and employing additional staff; (ii) upgrading the information technology systems to track the location and deployment of the trucks to improve resource allocation and efficiency, and (iii) funding working capital and other general corporate purposes.
Bancroft Capital, LLC (the “Underwriter”) acted as sole lead underwriter to the Offering.
A registration statement on Form F-1 (File Number: 333-277692) related to the Offering was initially filed with the United States Securities and Exchange Commission (the “SEC”) on March 6, 2024 and declared effective on July 1, 2024. The Offering is made only by means of a prospectus, forming a part of the registration statement. A copy of the final prospectus related to the Offering may be obtained from Bancroft Capital LLC, by email at InvestmentBanking@bancroft4vets.com. The final prospectus was filed with the SEC and is available on the SEC’s website located at http://www.sec.gov.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offers, solicitations or sales would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About Primega Group Holdings Limited
Primega Group Holdings Limited is a provider of transportation services that employs environmentally friendly practices with the aim of facilitating reuse of construction and demolition materials and reduction of construction waste. Through an operating subsidiary in Hong Kong, the Company operates in the construction industry, mainly handling transportation of materials excavated from construction sites. The services principally comprise of (i) soil and rock transportation services; (ii) diesel oil trading; and (iii) construction works, which mainly include excavation and lateral support works and bored piling. The Company generally provides its services as a subcontractor to other construction contractors in Hong Kong.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions in this prospectus. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.
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